Acquiring New Customers By Combining Platforms And Facebook Ads

Since 2009, when I ran my first Facebook ad, I have been an advocate for Facebook’s ad platform.

With my direct marketing background that focuses on laser targeting the right clients for a business, there is no other ad platform that is quite like Facebook’s ad platform today.

Facebook‘s advertising program has always been on the cutting edge for several reasons, but recently the improvements Facebook has made is off the charts for small businesses generating leads and customers.

Here are just a few ways that make Facebook’s advertising the most cutting edge platform available today
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1) So many people are interacting and sharing personal data with Facebook, it allows business owners, the ability to reach their ideal customer more so than any other platform.

2) Facebook allows you target who you want to reach geographically. For instance you can target clients on an international level by reaching all of the English speaking countries, such as United States, United Kingdom, Canada, Hong Kong, Australia, etc.

Or you can target people with a specific country such United States.

Or if you are a local business you can target specific zip codes and cities within a 10 mile radius of your business address.

3) You can target people’s interest by what they like on Facebook. If you are a local business you can target ads to people that like similar business pages as yours or similar likes and interests.

If you are promoting nationally or internationally, you can target people that have already liked authority pages in your niche and get these targeted prospects to join your email list or like your page also.

4) If you have a Facebook business page, you can now boost specific posts to specific people that you want to reach. This is great if you are a local business and you offer a coupon or a Free Offer for new customers to visit your location.

5) Moreover, you can send traffic to a page on your website where people optin to your email list.

6) Plus, there are sweepstakes and photo contest that you can run from your business page to drive engagement and viral traffic.

7) You can now use videos to promote to your ideal customers in their newsfeeds also. The engagement level on videos is even higher than photos.

 

This is just the beginning of how you can market your business and engage your clients on Facebook.

Now for the really exciting stuff. Facebook justed add a ton of new features recently.

Back a few years ago, when Facebook started trading publicly, they made a decision to focus their efforts on helping small businesses achieve greater success.

One of the aspects of direct mail that I have always loved from a direct marketing perspective is your ability to target exactly who you want to reach. This can be done by overlaying your database with specific information that allows you to learn more about your clients or by layering lists to fine tune and narrow your focus of your target audience.

Facebook has just taken this to a whole new level.

With direct mail you go to a company that compiles date, such as Experian or Melissa Data and tell them to overlay your customer list with the specific data that you want. It could be birthdays, demographics about your list, etc.

Or you call a list broker and say I want a mailing list with these criteria, so I can send mail with my targeted offers. If you work with pets, it could be people with a specific income level say Household income of $125,000, dog owners, and that live within ten miles of your business.

These prospects have just been triple qualified prior to receiving your offer. You know the client has money, they live conveniently close to your business, and they own dogs, who spend more on their pets than cat owners. You can rent a list like this to send your offers.

Facebook has partnered with different data compiling companies and integrated this information into their ad platform.

Plus, Facebook has started tracking data on who is purchasing products and services from their ads. This lets you do behavioral targeting to people that have purchased online and offline and then segment the data into specific categories, so you can target prospects that are purchasing products and services similar to the ones your offer.

You can target specific type of people that have made a certain type of charitable donations. People that are interested in purchasing new types of cars, etc. You can target people that have just bought a new home, about to move, who want to sell their home, etc.

If you start segmenting with layers and in multiple ways such as geographical, behavioral, psychographic, demographical and social, you can reach pretty much any type of client your business is trying to attract. You can do this with Facebook now.

You can target people having birthdays, moms about to have babies, moms with children of specific ages, the list goes on and on as far as who you want to target.

And it gets even better!

What if you could run an ad on Facebook and then have your targeted clients see your ad on other authority sites they visit all over the web such as FoxNews, CNN, Huffington Post, Mashable, ESPN, all the way down to smaller sites with less traffic that they may visit.

That technology is now available. It’s called Remarketing or Retargeting.

Here is how it works. You run an ad targeting a potential type of client on Facebook. The people interested click on your ad and are then taken to a landing page where they have to optin for a coupon or some offer that is of value to them.

At this point, whether the person optins for the coupon or not, you are able to Retarget them on other sites they visit with your offer.

But let’s say the person does optin to your email list to claim the coupon. Now with Retargeting you can set a different cookie on their computer with a different offer, than the offer on the landing page that they just claimed.

Imagine, you are a chiropractor, and your coupon is for a Free 10 Minute Massage (that will be in a massage chair).

Once the person opts-in to your email list to claim the offer, the customer has to call your office to set up the appointment.

Now as they surf the web, they see your banner ad telling them to call the office to claim a 30 minute massage with the Massage Therapist.

With retargeting you can have specific offers triggered from specific pages on your website.

Combine Facebook’s advertising platform that lets you hyper target your prospects and clients with Retargeting Technology that allows your offer to follow your clients around the web and then add email autoresponders to your marketing mix.

With email autoresponders as clients and prospects optin into your list, you can send automatic email reminders about the offer. These emails can be based on a specific day of the week, a specific time during the week, or based off of when the client opts-in to your list. The possibilities for engaging with clients this way are again endless.

Once these systems are setup and integrated together, they run automatically and just have to be managed, but they give your company an automated online direct marketing advertising system.

And if this isn’t incredible enough, it still gets even better.

You can combine Facebook’s advertising platform, the Retargeting and the email autoresponders with offline advertising such as TV, Radio, Direct Mail, print or anything else you do to now have a complete online and offline system.

Here how simple this is. Say you send a direct mail piece as long as you make sure it goes to a specific landing page on your site for just that one offer, then retargeting will track your clients around the web.

One other really cool feature that Facebook now offers is a custom audience that is based off of your customers. Within Facebook’s advertising platform, you upload your customers list to Facebook and then based off Facebook’s data, they will create for you what is known as a look-a-like audience that you can then target ads towards. WOW!

The times we live in now are unbelievable. With all of the ways that you can reach prospects and then use technology to retain and build relationships with your current customers is amazing.

Quite frankly Facebook’s ad platform is the equivalent of yesterday’s direct mail. Direct mail is still a highly successful channel for you to market your business, but with Facebook you can test on microbudgets and determine what works, prior to scaling your campaign.

In conclusion, Facebook’s ad platform is the most robust, targeted ad platform today. Combing it with other technologies such as Retargeting and Email Autoresponders can take your business to a whole new level of client acquisition and retention.

Click Here to Watch this video on Facebook’s ad platform that I created for you.

Does Email Marketing ROI?

Recently, MarketingSherpa released the results from a study on businesses perception of email marketing. 

entrepreneurs need to be using email marketing

Marketing Sherpa recently released a report on email marketing ROI.

 The question MarketingSherpa asked was:

What is the estimated ROI from email marketing programs for your organization?”

Here are the results: 

Overall business said email marketing resulted in 119% ROI. B2C businesses reported 114% ROI with BtoC reporting 127% ROI.

Email is essential to building long-term relationships with prospects, customers and long-term clients. Although social media can be a great way to initially engage prospects, email is one of the best ways to actually build a relationship with someone. Once you begin to establish a relationship, and the person gets to know you, then they are more open to your suggestions and more receptive to your offers.

According to THE RADICATI GROUP’s, Email Statistics Report from 2012-2016 most of the world’s email traffic comes from the corporate world. In 2012, the number of businesses emails sent and received per day total 89 billion. This figure is expected to grow at an average annual rate of 13% over the next four years, reaching over 143 billion by year end 2016

With So Much Email Competition How Do You Overcome the Inbox Competition?

 Email competition is three fold when it comes to getting your email opened.  

1.  With the number of companies sending email, the chances of getting your email opened is becoming more and more challenging. 

2. Anti-Spam tools are more powerful at recognizing spam, making it more and more difficult to get  your email through to the reader’s inbox, so that it can be opened.

3. The email recipient’s time is becoming more and more constrained being so many emails are being sent, so getting your email opened and read is becoming more challenging.

    So how do you break through and get your email opened on a consistent basis, so you can build a stronger relationship with your customers?

 

    1.    Content

        Online content is king. Whether someone is on a website, logging into social media, reading an article, watching a Youtube video, or listening to a podcast. People want  high value content in the  forms of photos, videos, articles, and mp3s and  other types of media. Make sure you email contains high quality content and that your reader finds it valuable. By constantly providing value, you  will cut through the other emails that you are competing. People will actually look forward to      your email versus it being ignored and left  unopened.

   2.    Pick One Idea

        Emails come in a variety of different formats and contain a diversity of content. Some emails are just a coupon, other emails are viewed as nothing more than spam. So, what can you do to generate a high open rate?

        Personally, I like a formula that has a 1:1 ratio that is one topic per one email. If you think about the content is king analogy on the web, then email should be no different.      

I like to take one topic and explain it so thoroughly that the reader has a good understanding of how to take action  and  use the information to benefit their own lives.

        Make sure each email you send provides value, so the reader anticipates it being delivered and looks  forward to it being opened.

   3.    Test Your Subject Line:

When it comes to your subject line there are several strategies that you can implement. Think of your subject line like the headline of an article in a newspaper. The only purpose of the headline of a newspaper is to get the reader to read the first sentence of the first paragraph of the article. The second sentence of the 1st paragraph’s job is to get the reader to read the next sentence. Each sentence’s goal moving forward is to get the reader to read the next sentence, until the article is finished.

Your email should follow the same format. The   subject line’s only goal is to get the reader to open your email.

             You can do this in several ways:

               A.   Spark curiosity – you can do this by asking  a question. Asking a question is one of the best ways to call out to an audience and  generate an action. 

Examples of good questions: If you are a plumber: Does Your Bathroom Shower Faucet Drip?

For Pest Control: Do You Have Cockroaches  Crawling On Your Kitchen Counters at Night?

          If the reader has either of these problems they are even more inclined to open the email. Plus, both of these questions create very vivid imagery in the  reader’s mind, spark curiosity, and are very specific. 

 

        B.   Be Specific– What statement do you find more convincing?

                 i)    I generated about $3,500 in revenue from yesterday’s promotion.

                ii)    I generated $3,497.00 from last week’s direct mail campaign.

            Most people will identify with statement b, because it  is more specific and therefore more believable. So if you are writing a headline or  subject line for an email be very specific instead of instead of using generic information. It makes your subject line more believable and it gives you more creditability. 

 

        C.  State a Fact– If we use the examples from above the subject lines could read like this.

Plumber example: Leaks Account for 10,000  Gallons of Wasted Water in The Home Every Year.  

 

Pest Control example: An Adult American Female Cockroach Can Produce 150 Young In Her Lifetime.

          Again these examples are very specific and create very vivid imagery for the reader and are  more likely to generate a click and get the email opened.

 These 3 three tips alone should increase your email open rate. But what is most important is for you to test different subject lines to see which one gives you the greatest open rate. If you are  doing an ongoing promotion, the subject line with the highest open rate will become your control. All other headlines will be tested against your control.

      Constantly running tests and trying to beat your control subject line is the only way to ensure your highest open rate.  

    4.    Who Does Your Email Come From?

        Have the email come from a person, not from a company necessarily. Personality marketing   online is huge. People want to get to know the person behind the business or brand. Getting to  know people is so much more interesting than learning about a particular brand or company. So make sure your email comes from a person, not a company name or a brand name.

    5.    Send Your Email The Same Day of Each Week.  

        Sending your email the same day allows people to know when to expect your email. If your email is  providing value then people will look forward to receiving your email. For me, there are emails  where I schedule reading time on my calendar on the day I anticipate their arrival.

In conclusion, email is one of the best ways to stay in touch and build relationships with your prospects and customers. The most important thing is to remember to always be adding value, be consistent with the day that you send, and test your subject line. These factors alone will help improve your email open rate, create stronger relationships and lead to more revenue.

Why You Should Be Marketing to Boomers!

by Charles George

Many companies focus a lot of their efforts on marketing their products and services to the 18-34 age group. The reason for this is there is a perception that this age group has the highest lifetime value and are the most brand loyal. 

Once consumers reach 55, many companies totally ignore that segment of the population. This is a huge mistake!

First, according to an article in USA today, as Boomers age they are acquiring wealth faster than any other generation and they are spending more than any other generation.

Spending by the 116 million U.S. consumers age 50 and older was $2.9 trillion in 2009 — up 45% in the past 10 years. Meanwhile, the 182 million people younger than 50 spent $3.3 trillion in 2009 — up just 6% during the same decade, according to an analysis for USA TODAY of U.S. Bureau of Labor Statistics data by The Boomer Project.

Plus, Boomers buy technology more than Generation X and Y.  Forrester Research reports that Boomers spend an average of $850 for their latest home computer — $50 more than any other group, reports.

“People presume that Gen Y is the most eager to adopt technology, but they don’t have the spending power of Boomers,” says Jacqueline Anderson, consumer insights analyst.

And if you have a business that serves other businesses than it is even more paramount to include Boomers as part of your target audience.

  • Boomers have the greatest amount of influence across all generations, therefore helping and affecting the largest number of people.
  • In 2011, Boomers started 49% of all businesses in the USA.
  • According to a recent study by the AARP, 16.4 percent of the 5.6 million working Baby Boomers aged 50 and older, are self-employed.
  • In 2011, 49 percent of new businesses were started by Baby Boomers.
  • Boomers control 70% of all disposable income.
  • Robert Avery, economist and demographic expert at Cornell University, predicts “the majority of Boomer wealth is held in 12 million privately-owned businesses.”

According to Navigate Boomer Media, Boomers are online more than Gen X and Gen Y.

  • Boomers will spend an average of $7 billion online this year.
  • 43% of online traffic is generated by Boomers.
  • Among internet users 50+ who are members of online communities, 58% log in to their online community daily or several times a day.

What does this mean for the independent entrepreneur?  If you are selling BtoB, then redesigning, repackaging and making your products and services appealing to Boomers can make a huge difference in your business. Engaging boomer entrepreneurs is engaging a population that seeks out premium products and services and has the money to pay for them.

So how do you market and sell to Boomers, when they are extremely complicated individuals?

According, to Steve Howard who wrote the book Boomer Selling there are seven steps when selling to Boomers.

  1. Create Confidence– creating confidence is all about building trust so the Boomer knows that you have the solution to their problem

 

  1. Determine Desires– what is motivating the boomer to shop, and then find ways to satisfy those needs

 

  1. Customize Solutions- Boomers do not want the same one size fits all that everyone else can purchase. They want products and services tailored to their own wants, needs, desires and interests. This requires the entrepreneur to customize their products and service to create solutions specifically for the Boomer

 

  1. Reduce Risk – Boomers view reducing risk as being more important than obtaining additional value. So it is vital that you structure your offers to reduce as much risk as possible.

 

  1. Elevate Emotions– This is all about creating excitement and enthusiasm for the products or services that boomers already want. They may just need a little emotional stimulus to help motivate them to make the purchase.

 

  1. Validate Value– It’s important to let Boomers that you value their time, energy and money and that you are not scamming them and or taking advantage of them. It is important to ensure them that they are getting good value for their money in exchange for your product or service.

 

  1. Attain Agreement– If the Boomer has not already decided to purchase this is not the time to become pushy. A better approach is just to review the benefits and let the boomer decide for themselves to purchase the product.

Hopefully, by now you realize the importance of including boomers into your target audience when marketing and selling your products and services. As challenging as it may be to reach, build trust, and connect with Boomers doing so  can make a huge difference in your business and your bottom line.

Turning Information into Action

By Donald R. Pinkleton, CPA

We all suffer from information overload. On a personal level, it’s merely annoying. But when it comes to running a business, it can be deadly. If you spend all day plowing through a sea of “information”, you won’t get anything else done. So, to survive the onslaught, we all develop our own filtering methods. I call them “information survival skills.”

Entreprenuers need info for action

Entrepreneurs need to know how to turn information into action.

Reactions to information overload range from “ignore it” (hope it’ll go away) to “beat it to death” (the paralysis of analysis.) In my accounting career, I’ve seen the full spectrum.

I’ve seen firsthand how financial reports have been viewed as information overload. There are highly successful entrepreneurs whose eyes glaze over when shown their financial statements (and tax returns!) Their response often boils down to “I know how to make money

– I don’t need to look at all this, that’s what I pay you to handle.”

This echoes a popular definition of an accountant: “Someone who solves a problem you didn’t know you had, in a way that you don’t understand.”

I like to depart from that definition whenever possible. I try to help business owners to understand the problems on their own, so they can work out the solutions that are best for them. Yes, there are those who don’t want or need such help – they truly have the Midas touch (at least until it stops working.) This article is for the rest of us. Because financial information contains feedback we need to manage our businesses. But how do we separate the wheat from the chaff?

We can take a clue from the “I know how to make money” entrepreneur: he has grasped the ability to focus on key metrics, and to ignore the noise of “too much information.” I have known successful entrepreneurs who have run their businesses on the “Three W’s”

Model: “What do I have, What’s coming in, and What’s going out?” Are they unsophisticated? Not at all — they’re focused like a laser on the controllable factors that determine success or failure.

And that’s the focus of this article: what makes you money? Or, more precisely, what loses money? The key to managing any enterprise is in managing information. But how do we do that?

All information management systems require Gatekeepers. Anything you’re actually going to spend time on should be able to satisfactorily answer these three questions:

What do I do with this information?Where’s the action item?How do I make money — or save money — with this information?

What do I do with this information?

If someone tells you the building is on fire, the answer to that question is fairly obvious. Otherwise, we need to determine if the information is relevant to our business objectives. In other words, “Is there something here that can move me closer to my goals?” Does this information convey a threat, an opportunity, or a distraction? It’s not always easy to determine which it is. Once identified, distractions can be discarded, leaving only threats and opportunities to evaluate. (“Oh, is that all? Just threats and opportunities? I can take the rest of the day off.”) Financial information is not exempt from this test: we should be able to look at a report and ask, “What is this telling me?” That leads us to the next question:

Where’s the action item?

The goal of financial reporting is to provide information for decision making. Period.

The business owner needs to identify which pieces of the puzzle are on track, and which areas require corrective action. Standard financial ratios are a common tool used to evaluate operating results – gross margin %, net margin %, inventory turnover, receivables turnover, etc. These tools serve as “flags” to alert business owners that an area critical to success needs their attention, and that corrective action may be required.

For example:

Gross margin is critical to business success, because that represents the amount of money I have to pay all other expenses and to generate a profit. If the income statement shows me that the gross margin percentage (defined as [Sales minus Cost of sales] divided by Sales) is shrinking, I need to find out why, and take corrective action if necessary and possible. In other words:

How do I make money — or save money — with this information?

Continuing our example, I may need to investigate further to find out what’s causing the decline in the gross margin percentage.

  •  Is the product or service I sell viewed as a commodity, indistinguishable from what my competitors offer?
  • Is market pressure reducing the price that my customers are willing to pay for products like mine?
  • What is the average gross margin percentage for similar firms in my industry?
  • Is there a way I can add value to my product, so that it’s not seen as a commodity?
  • Or is the cost of producing and delivering my product rising?
  • Is that also due to market pressure, or has my production and delivery process become less efficient?
  •  Whatever the issue is, what do I do about it?

Sometimes I’ll change nothing, because this is actually good news! Maybe I’m selling larger quantities to my customers: the volume discounts are eating into my gross margin percentage, but the gross margin dollar total is actually increasing! And my other expenses have not increased. Oh joy, oh rapture – it’s time to give myself a raise!

The previous example is a simple case that would not normally require extensive investigation. Most real-life issues are not so obvious. In addition to the numerous standard financial ratios that can be used to analyze the results of operations, there are some ingenious tools that are unique to certain industries. For example, a restaurateur I know looks at food sales vs. food reorder costs: if the ratio is less than 2 to 1, he knows he has a problem. The key point remains in knowing what information to focus on.

The strategies we implement to achieve our goals tend to be complicated by numerous complementary and contradictory factors.  And some of those factors may be beyond our control. But all successful strategies must be focused, proactive and reactive. There must be a clear objective, a plan to get there, and a plan B for when plan A fails. Remember the old military adage: “No plan survives contact with the enemy.”

That’s why financial information should be part of your critical feedback loop that converts information into action. There is a wealth of information in the financials, if we know what we’re looking for and how to extract it. One of a CPA’s primary objectives is to help the business owner understand the story that the numbers are telling, and what numbers one should be focusing on. And to further understand that the numbers will tell different stories to different readers. The same numbers may mean very different things to an owner, a tax preparer, a loan officer, or a prospective purchaser of the business.

But that’s a topic for another day. I don’t want to burden you with information overload.

Just always keep in mind the fundamental law of the universe: “If your outgo exceeds your income, then your upkeep will be your downfall.”

Having the Courage to Start

By Charles George

Starting a business takes courage! There are so many risks and challenges involved that many people are afraid to even begin.

Starting a Business

Having the courage to start a business can be challenging

Often one of the biggest challenges when making the leap into entrepreneurship and starting a business is the challenge of starting. Walking away from a steady pay check, when the entrepreneur has many other family obligations and responsibilities can be challenging to say the least. So how do start-up entrepreneurs minimize their risk and maximize their rewards within the first twelve months.

The reason the first year is so important is because, the Small Business Association reports that 24% of new start-up businesses fail within the first year and 50% of start-ups close within the first 5 years.

So how do you avoid becoming one of the 24% who fail in the first year?

There are several things that you can do to help ensure your success.

1. Decide to Start- This first step in the process of starting your business, is having the mindset that you are going to own your own business. This can be one of the hardest phases of starting your own business. Deciding to start simply means you now have the mindset that you are going to begin. It is when you come to the realization that you want to own your own business and then you decide to take action and do it.

2. Take Action- This is the most important step for the success of any business. Taking action can encompass all aspects of your business and it should be implemented throughout the life of your business. Taking action can be the single greatest difference between success and failure. So many people get caught up in the details, that they become overwhelmed and frustrated, before they even begin.

Michael Masterson, one of today’s most successful entrepreneurs, has a book titled “Ready, Fire, Aim”. It talks about how it is more important to take action, than any other aspect of your business, because without action you will not have a business.

3. Plan to Win- Back in the 1970’s Alan Lakein published a book that talked about “Failing to Plan, is Planning to Fail.” This quote is still used today to help emphasize the importance of planning your business. If you are thinking of leaving your job, make sure you have your business and marketing plans in place prior to leaving. A business plan can take a lot of time and effort to create. Having a steady income, while you are working on this phase of your business can often be the difference in success or failure. So make your plans prior to leaving.

4. Goals – People that have goals are normally more successful than people that do not have goals. Dreams becoming reality once they are written down into actionable goals. Set realistic goals and then design action oriented events and processes to achieve your goals.

Often it is more productive to start with the end result and work backwards. For instance, if your goal is generate 5,000 leads, convert 50 leads into customers at $97 per customer. Now you have a measurable goal that you can start working towards by asking yourself questions like:

How am I going to generate the leads?

What systems will I have in place to help me manage the leads?

How will I convert the leads into customers?

How will I deliver the product/service?

These are just a few questions that can help you. The most important thing to remember is that setting actionable goals and devising ways to accomplish those goals is paramount to your success, when owning your own business.

5. Lay the Foundation -Vendors, Consultants, etc.- Finding the right vendors and suppliers can be a time consuming process. Getting credit established with your vendors can take time, but allows you time to start your business without initial upfront revenue. It essentially gives you 30, 60 or 90 days to generate revenue before you have to pay the suppliers. This can be a good strategy for start-ups. Finding these vendors and suppliers can take time. Everyone understanding their role in the overall process is important and can be the difference of the success or failure of your business. So try to line up as many of your suppliers and vendors as you can prior to venturing out on your own.

6. Revenue – There are normally two different strategies concerning revenue and when to make the jump into entrepreneurship fulltime.

Anthony Robbins teaches “Where thoughts go, energy flows.” The essence of this thought process is when you are following your passion opportunities are created that do not present themselves, if you are splitting your time between two separate jobs. His philosophy is go make it happen.

The other strategy when starting your own business is to wait until the revenue from your new business is half your salary. The philosophy here is if you can get your revenue to half of your salary, while only doing your business part time, then when you work on your business full time you should be able to double the revenue.

This last strategy is less risky, because having a steady cash flow can help you accomplish your goals quicker. But you may forgo some opportunities, while working at your job. Personally, I have started new ventures using both strategies and have been successful with both.

7. Perspective- Having the right attitude and perspective can make a huge difference when owning your own business. Personally, I try to not to view any situation as a setback or a failure. The reason for this is that no matter what happens, you can always either begin again or start the next day with more information.

Richard Branson has over 300 different brands under the Virgin label. At a recent appearance in Richmond, he talked about more than 300 have failed under the Virgin label also. So the point is if failure can happen to one of the most successful entrepreneurs, the most important aspect is not to focus on the failures, but to acknowledge the 300 businesses that succeed. Even as some of the 300 ventures failed, Branson still continued to start new businesses.

Sometimes market forces can be a part of why a business fails or succeeds, but ultimately many new businesses fail because of the business owner having internal roadblocks instead of external road blocks causing the failure. A lot of this has to do with mindset. Most business owners fail not because of lack of resources, but because of a lack of resourcefulness. Often this has a lot to do with the new entrepreneur’s mindset not external factors preventing the entrepreneur from succeeding.

In conclusion, starting your own business takes courage, but it can be one of the most rewarding activities you ever accomplish. There are risks and challenges involved, but such is life. The most important thing to remember is to plan, take action, never look at failure as failure, and maintain the right mindset to grow your business to flourish and prosper.

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